The value of the global industrial fasteners market was worth U.S. $92.16 billion in 2021. Industry statistics estimate the market size to attain a valuation of $131.56 billion in the next decade and by 2031, developing at a CAGR of 3.2%. This is according to a new report from market research consulting firm, Transparency Market Research.
Industrial fasteners refer to high-quality fasteners that can be used in applications ranging from maritime and automobile to construction. The terms industrial and permanent fasteners are interchangeably used here. These fasteners can withstand almost every weather and chemical element.
High-quality fasteners that are resistant to corrosion and other natural abrasions are a necessity in many industries. This creates lucrative opportunities for fastener manufacturers.
Companies in this market are focusing on novel materials, such as carbon-fiber and alloys, which ensure corrosion-resistant, lightweight, as well as superconducting fasteners. Manufacturers are also focusing on hybrid fasteners made using injection-moulded plastic materials and metals that are lighter, easy to install, and cost-effective.
The automotive segment held the major share of the global industrial fasteners market in 2021. However, the construction segment is expected to grow at the highest CAGR during the forecast period owing to the surge in construction activities around the world.
Construction industry driving the fastener market
An increase in demand for fasteners in the construction industry is a key factor driving the industrial fasteners market. Demand for steel fasteners is also rising for machine designs because it possesses a high degree of durability and greater, long-term resistance to corrosion.
It’s recommended that manufacturers tap into incremental opportunities and design products as per the recent trends to broaden their revenue streams. They should also focus on miniature and design-driven steel fasteners, which play a vital role in small assemblies.
Automotive industry not far behind
As mentioned, the automotive segment held the major share of the global industrial fasteners market in 2021 and is still a top contender. The global automotive industry is expected to grow significantly during the forecast period due to the increase in manufacture of automobiles. Automakers are constantly developing drivetrains and more efficient engines to reduce fuel consumption. They’re adopting emission-control technology to produce cleaner automobiles and relying on lighter-weight fastener to join parts.
So, the ongoing demand for automotive fasteners is likely to rise in the near future due to the growth in the automobile industry.
Demand for a different types of fasteners is rising. There’s growth in new infrastructure developments, residential development, and diverse sectors such as renewables and telecommunications — which are also boosting the construction sector. In turn, this is augmenting the demand for bolt fasteners and other industrial fasteners. Furthermore, railroad and light-rail transportation systems for passengers and freight are developing at a rapid pace, globally. All of these sectors require industrial fasteners.
Demand for components used in the manufacture of railway infrastructure, including railroad fasteners, is expected to rise significantly in the near future. Demand for fasteners that are capable of sustaining railway equipment is high, due to the increase in number of passengers, faster transits, and long-distance journeys. Additionally, high-quality fasteners that are resistant to corrosion and other natural abrasions are required to meet the growing demand for railway tracks. These factors are expected to boost the industrial fasteners market during the forecast period.
Based on product type, the industrial screws segment currently holds the major share of the global industrial fasteners market. The nuts and bolts segment is the one expected to grow at the highest CAGR, owing to increasing application in automotive and construction industries.
Additionally, an increase in the manufacture of medium commercial vehicles, light commercial vehicles, heavy earth moving equipment, textile machinery, machine tools, aircraft, and utility vehicles has propelled the usage of fasteners in sub or main assembly parts. The market for bolts and nuts is fragmented. It is characterized by intense competition, with small and large players competing to maintain their respective position. High-tensile fasteners are primarily used in industrial, automotive, and engineering applications.
The industrial fasteners market is fragmented, with the presence of many players. Competition is expected to intensify in the next few years due to the entry of several local players. Manufacturers in the industrial fasteners market are focusing on the material side along with new designs for superior grip.
Several companies are striving to meet the demands of customers as per the latest trends. They’re introducing innovative products such as nano-laminated metallic-coated fasteners to prevent surface-type corrosion. Some of the key players operating in the global industrial fasteners market are:
- Acument Global Technologies Inc.
- Arconic Inc.
- Bulten AB
- STANLEY Engineered Fastening
- Fortana Group
- Hilti Corporation
- LISI Group
- MacLean-Fogg Company
- MISUMI Group Inc.
- Nifco Inc.
- Precision Castparts Corp.
- The SFS Group
- A&G Fasteners
- SA Fasteners
Key report findings
- The need for parts used in the building of railroad infrastructure, such as railroad fasteners, is anticipated to increase dramatically in the near future. Due to the rise in long-distance trips, faster transit times, and passenger traffic, there is a considerable need for fasteners that can support railway equipment. In addition, to fulfill the rising demand for railway tracks, superior fasteners that are impervious to rust and other forms of natural abrasion are necessary. These factors are anticipated to drive the market for industrial fasteners during the forecast period.
- The increasing production of vehicles is anticipated to cause the global automotive industry to expand considerably throughout the forecast period. In order to cut down on gasoline usage, automakers are always creating more fuel-efficient engines and drivetrains. In order to develop greener cars, they’re implementing emission-control technologies. Due to the expansion of the automotive sector, the demand for automotive fasteners is thus anticipated to increase soon.
- Depending on product type, the industrial screws category is likely to dominate the global market for industrial fasteners. Due to their expanding usage in the construction and automotive industries, nuts and bolts are anticipated to rise at the highest CAGR.